Modern-day enterprises are increasingly leveraging state-of-the-art technologies like artificial intelligence, machine learning, IoT, etc. in order to enhance their business’ productivity and maximize profits.
The Internet of Things (IoT) is one such technology which is helping enterprises across a wide range of industry verticals to enhance their organization’s workflow and increase the efficiency of their business operations.
While the benefits of investing in IoT solutions vary from industry to industry, below are some of the key benefits most enterprises can avail by implementing an IoT program:
- New Business Opportunities
According to a survey, the revenue from digital services is expected to grow around 80% by 2020. IoT helps enterprises across various industries to collect valuable customer feedback and usage data in order to develop innovative products that provide increased value to customers. For instance, Tesla collects terabytes of data from its vehicles and uses this data to continuously improve driver’s experience and add new features.
- Safe and Productive Workplace
According to the top IoT architecture firms, implementing an IoT program boosts safety at workplace. As IoT-connected sensors can monitor hazardous processes and places, they can protect employees at workplace from potential dangers. Furthermore, correlating environmental and sensor data over time enables the generation of new insights that can help in better understanding of past events and mitigating future risks.
IoT encourages collaboration and flexibility at workplace and enables personnel to work together as a team. From work-related notifications on smartphones to promoting quick and efficient decision-making, IoT helps enterprises to enhance their business’ productivity. Besides, IoT’s “cognitive outsourcing” enables computers to efficiently perform menial and repetitive mental tasks, which helps in collecting, transforming and processing data. This allows employees to focus on more productive tasks like finding operational insights and delivering best possible work.
- Process and Resource Optimization
As per the top IoT service providers, IoT-enabled Big Data analytics provides numerous new avenues for enterprises to improve their operational efficiency. The technology helps enterprises in improving production scheduling and load forecasting by aligning the facility’s operation with its customers and suppliers. For instance, in an automated inventory management system, historical and forecasted demand can be viewed for optimizing plant loading.
IoT also facilitates real-time quality monitoring, making it possible to detect non-conformities even before the batch finish processing. It automatically makes adjustments in processes or machines which helps enterprises to improve product quality, enhance process efficiency, and reduce waste.
Apart from the above-mentioned benefits, implementing an IoT program can also help enterprises in better decision-making, process and behavior monitoring, and democratization of analytics. However, it is important for enterprises to contact only the best IoT architecture firms having globally recognized certified consultants in order to achieve near-real-time visibility of their processes and operations.